The Canadian Institute of Actuaries is supporting employers with a new resource that focuses on the importance of early and proactive retirement planning. The resource covers several topics, such as how to build emergency funds while balancing short-term obligations with long-term goals, as well as developing sustainable retirement income strategies using personal savings, employer-sponsored retirement […]
The Canadian Association of Pension Supervisory Authorities’ new plan sponsor guidelines surrounding investment fee transparency are a good first step, but require further development to make them more effective, says one expert. “[CAP sponsors are] still trying to understand what this [guidance] means,” says Joseph Bevilacqua, associate partner in Aon’s wealth solutions practice. “Fees can be […]
Ottawa-based Ross Video Ltd. is supporting employee mental health through a virtual health-care platform. The platform, provided by Telus Health, allows employees and their dependants to connect with mental-health professionals in real time and fills a gap in local health-care services, says Hannah Barkley, the organization’s director of human resources operations. Virtual health care also […]
Higher long-term bond yields driven by rising interest rates are lowering the cost of annuity purchases for defined benefit pension plans, says Mary Kate Archibald, a principal at Eckler Ltd. Since January, the cost of an annuity purchase has decreased by between 10 and 15 per cent, as long-term bond yields increased from 1.7 to […]
Changes to Quebec’s policy on the use of biosimilars in its public drug plan could result in savings for private benefits plans, says one expert. On April 13, 2022, the Régie de l’assurance maladie du Québec will delist certain biologic drugs from its formulary, requiring patients covered by the plan to switch to a biosimilar […]
While mental-health apps play an important role in employee benefits offerings, employers must remember apps are the gateway to treatment and not the treatment itself, says the co-author of a new study by the Workplace Safety & Prevention Services. “Don’t outsource your mental-health problems and think digital solutions alone are a panacea, just because it’s […]
Rio Tinto Group is making parental leave more accessible for employees by removing the distinction between primary and secondary caregivers. The policy change — which takes effect in Canada in June and will be implemented worldwide by the end of 2023 — provides all new parents with 18 weeks of 100 per cent paid parental […]
Molson Coors Beverage Co. is offering gender affirmation coverage to its Canadian employees as part of a wider effort to address and enhance diversity, equity and inclusion at the company. “We have a commitment to diversity, equity and inclusion and one of our key values is putting people first — this was just another step […]
The average 45-year-old Canadian employee earning $60,000 per year will need to accumulate $1.4 million in retirement savings by age 65 if they want to retire comfortably, according to a new report by Aon. It found since 2019, the average employee requires an additional $100,000 in private retirement savings, partly due to a one per […]
Lululemon Athletica Inc. is offering mental-health first-aid training to all employees, with a goal of training all of its workers by 2023. While the training isn’t mandatory, more than 300 employees have already completed the program, said Angela Wright, vice-president of health and wealth and organization planning at Lululemon, in an emailed statement to Benefits Canada. […]